Wall Street Futures Climb as Oil Prices Tumble, Tech Stocks Recover From October Selloff

US stock futures have risen on November 2 as technology shares recovered from October losses, while investors awaited midterm elections and company earnings. Falling oil prices also supported markets ahead of a week that includes US jobs data and several major corporate reports.

US Stock Futures Advance After October Selloff

Dow Jones Industrial Average futures gained 256 points, or 0.49%, at 7:01 a.m. Eastern Time on Monday. S&P 500 futures rose 0.46%, while Nasdaq-100 futures advanced 0.74%. The gains followed a difficult month for US technology stocks.

The Nasdaq-100 lost more than USD 2.5 trillion in market value during October. The S&P 500 technology sector declined 6.8%, marking its largest monthly drop since March 2025. However, nine of the index's 11 sectors advanced during October, limiting the broader S&P 500 decline to less than 1%.

The selling intensified on Friday, when the technology sector fell 4.2% and pulled the S&P 500 down 1.8%. Intel dropped nearly 29% during that session. The chipmaker later forecast weaker quarterly revenue than analysts expected and said it did not expect positive cash flow this year.

AI Spending Concerns Remain in Focus

Technology companies have faced growing questions about the cost of building artificial intelligence infrastructure. Investors are examining whether expanding data centers and buying specialized chips will produce returns that justify the spending. 

Several major businesses have also borrowed money to finance these investments. Investors will examine chip orders and profit forecasts to assess demand for new AI infrastructure.

SpaceX and Alphabet joined Monday's premarket gainers as large technology stocks recovered. However, Intel fell about 1% before the opening bell, extending its previous losses. Apple slipped 0.4% ahead of its quarterly results, while AMD prepared to report later in the week.

Investors have also shifted money toward other sectors. More than 70% of S&P 500 companies gained in October despite the technology slump. With technology accounting for about 38% of the index, further weakness in large AI stocks could still influence overall market performance. 

UBS strategist Kiran Ganesh warned that conditions were "likely to remain volatile through the earnings season."

US Midterms and Lower Oil Prices Draw Attention

The November 3 US midterm elections will determine control of the House of Representatives and Senate. Democrats are favored to win the House, while the Senate contest remains less certain. The outcome could affect congressional oversight, federal spending discussions and future economic legislation.

Seth Meyer of Janus Henderson Investors said a Democratic House victory would create a divided government. That is an assessment of a possible outcome, not a confirmed election result. Investors will follow the vote as results arrive Tuesday night and potentially continue beyond election day.

Meanwhile, crude oil prices declined more than 4% on Monday amid reports of diplomatic efforts involving Iran and Qatar. Brent crude traded near USD 108 a barrel during the morning, while US oil futures fell toward USD 99. The decline followed reports of efforts to ease the conflict and related disruptions to Middle East energy supplies. However, negotiators had not announced a final agreement, leaving the outcome of the talks uncertain.

Apple Earnings and US Jobs Data Lead Busy Week

Corporate results remain another focus as investors assess profits and spending commitments. Apple and Palantir are scheduled to release earnings after Monday's closing bell. AMD is expected to report Tuesday, while several other technology and consumer companies will publish results later in the week.

Some stocks moved on company-specific developments before Monday's opening. Estée Lauder gained 2.6% after raising its annual sales and profit forecasts. Okta rose 2.7% following news that it would join the S&P 500 and replace Kenvue.

The economic calendar includes September job openings on Tuesday and private employment figures Wednesday.

The US Bureau of Labor Statistics has scheduled its October employment report for Friday, November 6. These releases will offer further information about hiring as markets weigh interest-rate expectations alongside earnings and election results. Friday's report will include the unemployment rate, wage figures and the number of jobs employers added in October.

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